Sam Chang’s McSam Hotel Group received a $215 million mortgage from the German banking giant for the 35-story Doubletree by Hilton hotel at 346-350 West 40th Street, according to records filed with the city today.

The two-year loan from Deutsche Bank carries a rate of 6.75 percent and allows for three one-year extension options, Chang told Commercial Observer. It also refinances a total of roughly $85 million in construction debt that Chang received from Bank of the Ozarks in March 2015, and provides the developer with $163 million cash-in-hand.

A rendering of the Doubletree by Hilton at 346-350 West 40th Street (Courtesy: CoStar Group).

Gene Kaufman designed the 198,000-square-foot, 612-key Hilton-branded hotel, which sits between Eighth and Ninth Avenues and is expected to open by the third quarter of this year. In a recent interview with CO, Kaufman estimated that he has done at least 30 hotels for Chang, making the hotelier his biggest client.

Chang purchased the site for $26.3 million in December 2013 property records show—at the time, the 9,875-square-foot lot housed a six-story parking lot. The Great Neck-based budget hotel maverick used a $20 million loan from Titan Capital to fund the purchase.